See email from Oxy this week for the answer to your question.
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Edit: Calculations include AIP NOT LTI.
Short answer, according to CoC document, the 4.9% should NOT affect lump sum calculations.
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HR has refused to even acknowledge me asking this question via email but reading it is pretty clear:
Page 10 of CoC: “Annual Compensation – The sum of your Required Base Salary and Annual Bonus.”
Page 13 of CoC: “ Required Base Salary – The higher of (1) your Base Salary in effect immediately prior to a Change of Control and (2) your highest Base Salary in effect any time thereafter.”
Annual bonus only refers to LTI
Annual Compensation is used in all calculations.
This is a good question. I can’t find in the document any mention of “most recent highest” or “current” or anything to provide a clear answer.
Read the change of control plan document and find out.